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Ann obtains a $150,000, 20-year mortgage with a bank at 9% p.a., compounded monthly. a. What is her monthly repayment? b. Suppose that after 5

Ann obtains a $150,000, 20-year mortgage with a bank at 9% p.a., compounded monthly.

a. What is her monthly repayment?

b. Suppose that after 5 years, Ann plans to repay the loan by making an additional payment

each month along with her regular payment. How much must Ann pay each month if she

wishes to pay off the loan in 10 years?

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